Happy Friday! In today's stream we discuss how the longer a market ranges, the more tempting it is to force a prediction. How will this affect altcoins?
See you in the stream!
@HardlineTakes It’s simple. Before the wave, I was forecasting wave B or 2 and now that it’s printed, I have both labeled. We’re still tracking both a c-wave or wave 3 next. Literally nothing has changed.
bitcoin:native FAKEOUT OR BREAKOUT??
The distinction is how HIGH price has reached and which resistance level it targeted. A .618 retrace is NOT bullish! This could have been the FUEL that was needed to keep the market moving… 👀
With this strong rejection on #Bitcoin, I’m expecting a bearish wave soon as low as the 1.618 extension.
If we use the local high to measure wave targets, #BTC support levels are STILL lining up as low as $69k conservatively. With the chance that it turns even more bearish on that drop! We’ll know more soon after some development.
I’ll keep you updated! #Bitcoin
@416CRYPTOCRIS Holding the $80.4k support is what is keeping $90k level valid. Once that breaks down, it will invalidate a new high and probably pick up enough momentum to break down to 1.618.
@Luis_ga2507 It’s definitely still valid and theres still some liquidity up there, but with what has developed so far, it’s looking like it might not have enough strength to fill that.
@b1650263 Not everything is valid? and the post has not moved. This level is objective. I'm literally just reading the chart, not providing my own interpretation.
bitcoin:native THIS IS THE MOMENT!
VERY important test of the lower boundaries of macro resistance around ~$83.8k (.382). Watching very closely to see if #BTC is able to reclaim this level and flip it back to support. If it cannot break, heavy selling pressure could return to the market and drive it down to lower supports.
As of now, RSI is not showing a breakout but it doesn't look like we have a bearish divergence yet... #BTC could be testing $83.8k for a while and even make a slight new high toward $84k. This is all VALID for Wave B. STILL expecting c-wave to follow- currently targeting $76k-$69k minimum. Tracking the wave as it develops. Will keep you updated! #BTCUSD #Bitcoin
bitcoin:native CRITICAL backtest of resistance at $83.7k!
I'm watching this level closely and the RSI! If #BTC doesn't pick up enough strength to break ABOVE that level, it could turn pretty bearish with minimum targets $76k-$69k. THIS is the test that will confirm the top is in... VERY important week to pay attention to! #BTCUSD #BTCUSDT
@mdtrade I’m questioning the ABC. Which wave is that correcting? An ABC corrects an impulse, so this doesn’t make sense to me. Markets should begin with Wave 1 and flow through the sequence from there. If we do this from listing day to current, BTC measures out nicely.
@diegowholikeso1@TimstaMills It’s in B now.. it’s was either A or 1 which are both 5-wave impulses … so doesn’t really matter at this point. This B-wave it’s in is almost done? Hard to dispute.
@HardlineTakes ? Rejection at 83.7k confirms $87.3k top and a deeper correction… PA is confirming this??? SO confused how you’re not following…. Weren’t you targeting mid 70s? We’re not going through this again.